Resources On-Demand

How to Wind Up a Deceased Estate from Inception to Finality

Overview

Two things are certain in this life: Death and Taxes, and the two are intertwined. The administration of Deceased Estates has to follow the stipulated process and procedures according to the Administration of Estates Act. The ultimate aim in administering any and all deceased estates is to ensure that the wishes of the Deceased person are carried out, usually in terms of the Last Will and Testament.

The intention of the Deceased, where same applies to guardianship of minors, the importance of the appointment of an Executor, distribution of assets to beneficiaries – are all taken into account, therefore it is important that the testamentary document is presented in its original format, correctly signed and witnessed, because if it is not, the Master will not accept it and the estate will be wound up in terms of the Laws of Intestate Succession. There are specific guidelines and timeframes to be complied with specifically with regard to the drawing up, filing and advertising of the Liquidation and Distribution Account, and ensuring that any and all creditors submitting a claim are included in the account.

The Master’s office and SARS co-operate with the Executor when dealing with the tax aspects, and bringing the estate to finality. Overview

Join Raymond Hack where he will illustrate the process of how to wind up a deceased estate from inception to finality, i.e.

Content

Part 1 LAST WILL AND TESTAMENT – Specific aspects to be covered including but not limited to; 

• Meeting with the family 
• Necessary requirements from the family •
• Complying with the requirements of the Will •
• The importance of appointing an Executor
• Trusts
• Guardianship of minor children

Part 2 would incorporate the requirements for the winding up of the estate; 

• reporting the estate and submitting the requisite estate documentation to the Master
• requesting Letters of Executorship / letters of Authority from the Master
• simultaneous advertising for creditors, newspaper and government gazette
• Opening of Estate late bank account
• drawing up Liquidation and Distribution Account,
• Administering the estate in terms of the Last Will and Testament of the Deceased, alternatively in the absence of a Will in terms of the Laws of Intestate Succession
• Submission to SARS, opening tax file.
• submission of the Liquidation Account and vouchers to the Master for approval prior to advertising and inspection at the Magistrate’s office payment to creditors and beneficiaries
• Acknowledgements from beneficiaries/ Affidavit from Executor that all creditors and beneficiaries have received payment
• Return of the original Letters of Executorship to the Master and requesting the Executor’s release . Death of the Deceased, was there a Will, or no Last Will and Testament / intestate or not Learning objectives

By the end of this webinar the attendee should know:

• Basic requirements for dealing with estates :
• Reporting the Death,
• interpreting the Last Will and Testament,
• complying with the Deceased Estates Act

About the presenter:

Raymond Hack is a practicing attorney experienced in the administration of deceased estates in excess of 35 years; Senior partner at Rapeport Incorporated; Attorney to various sporting bodies - Chairman of the Disciplinary Committee of the Confederation Africaine de Football; Chairman of World Aquatics (previously FINA) Integrity Body; former Chairman of FIFA Players Status Board; Arbitrator for the Court of Arbitration for Sport

Who this is for?

Any person who is interested in the winding up of deceased estates.

Price

• R 650.00 per person

Additional material:  

By purchasing this webinar you will be provided with:

• A summarised slide presentation.
• Reference documents and/or course material where available.
• You can ask questions during the webinar and you will also have access to the presenter after the webinar.